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General Interest & Miscellaneous News     


General Interest & Miscellaneous News
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Department of Treasury Releases Guidance on Historic Rehabilitation Tax Credit
Historic Preservation Blog from PreservationDirectory.com -
Contributed By: Preservation Action
Website: https://preservationaction.org/coronavirus-alert/

Last week the Department of Treasury released proposed regulations for changes to the Historic Rehabilitation Tax Credit (HTC) that were included as part of tax reform in 2017. This includes guidance on the new five-year period for claiming the historic tax credit. Overall, the guidance provides clarity in several key areas and are generally in-line with the way tax practitioners have been interpreting the changes.

The tax reform legislation passed in 2017 retained the 20% Historic Tax Credit, but made significant changes to the program. One of the most significant changes required the credit to be taken over 5 years. Prior to tax reform taxpayers were able to claim the HTC in full once the property was placed into service.

Comments on the proposed regulations are being accepted through July 21st, 2020.

Preservation Action continues to advocate for the Historic Tax Credit Growth and Opportunity Act (S.2615 / H.R. 2825) which would expand and enhance the credit, as well as restore some of the value lost during tax reform. These changes are especially important as Congress looks for ways to stimulate the economy in future recovery efforts.



Posted: May 29, 2020
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